Energen

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Energen Corporation
TypePublic (NYSEEGN)
IndustryEnergy Exploration and Production
Founded1979
HeadquartersBirmingham, Alabama, United States
Key peopleJames T. McManus II, Chief Executive Officer
Charles W. Porter, Jr., Chief Financial Officer
ProductsOil, Natural Gas, Natural Gas Liquids
Employees500-1,000 (2013)
Websitehttp://www.energen.com/
 
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Energen Corporation
TypePublic (NYSEEGN)
IndustryEnergy Exploration and Production
Founded1979
HeadquartersBirmingham, Alabama, United States
Key peopleJames T. McManus II, Chief Executive Officer
Charles W. Porter, Jr., Chief Financial Officer
ProductsOil, Natural Gas, Natural Gas Liquids
Employees500-1,000 (2013)
Websitehttp://www.energen.com/

Energen Corporation, headquartered in Birmingham, Alabama, Energen is an oil and gas exploration and production company with headquarters in Birmingham, Alabama. The company has approximately 775 million barrels of oil-equivalent proved, probable, and possible reserves and another 2.5 billion barrels of oil-equivalent contingent resources. These all-domestic reserves and resources are located primarily in the Permian Basin in west Texas. Energen also has operations in the San Juan Basin in northern New Mexico. Energen is listed on the New York Stock Exchange with a ticker symbol "EGN."

History[edit]

Energen Corporation was originally founded in 1953 as Alabama Gas Corporation, after its parent company, Birmingham, Alabama-based Southern Natural Gas, which would later become Sonat Inc., spun off the company as part of an antitrust agreement. In 1985, the company reformed as Energen Corporation to focus on both its natural gas utility division, Alagasco, and its oil and gas exploration division, Taurus Exploration, which has now become Energen Resources. Alagasco has funded the company's dividend, while the company's Energen Resources division has funded its oil and natural gas acquisitions and development division. On January 30, 2003, Energen Corporation broadcast a conference call live over the internet.[1]

On April 8, 2002, Energen Resources, the oil and gas acquisition and exploitation subsidiary of Energen Corporation, completed its planned acquisition of Permian Basin oil properties.[2]

On August 2, 2004, Energen Resources closed on its previously announced purchase of San Juan Basin coalbed methane properties from a private company, for an adjusted purchase price of $263 million.[3]

On April 7, 2014, Energen Corporation announced that it has signed a definitive stock purchase agreement to sell its natural gas utility business, Alabama Gas Corporation (Alagasco), to The Laclede Group, Inc. (NYSE: LG). The value of the transaction is $1.6 billion, subject to customary closing adjustments: $1.28 billion in cash and approximately $320 million of debt. Energen’s after-tax proceeds are estimated to be $1.1 billion. The transaction is expected to close August 31, 2014.[4]

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